Monarch Money Sinking Funds
ฝัง
- เผยแพร่เมื่อ 14 ต.ค. 2024
- In this video I share how to use sinking funds within Monarch Money.
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Hi, I just tried creating a sinking fund group. My first category was for a vacation. When I click on the category though, I don't get the same view you show in the video where you can toggle on rollover. The only toggle I have is "Exclude this category from budget"?
Sorry it wasn't working for you. I'm guessing the problem is where your category is located. You want to make sure it's an expense, not income or transfer.
To do this, go to
Thanks for the video. Do you tag the sinking fund transfers in monarch money as “Transfers”?
There are a couple of ways to handle this.
I actually categorize them as an expense, but you could keep them as a transfer if you wanted.
Hi. My wife and I are retired and just started MM about 2 months ago. Thank you very much for these videos. However, I'm still confused on your explanation on Sinking Funds. We save monthly to pay Estimated Income Taxes each quarter, Property Taxes every 6 months, and save for Vacation each month. Those would be our three monthly Sinking Fund categories - Income Taxes, Property Taxes, and Vacation. So, when we transfer TO SAVINGS FROM CHECKING is that catgorized as...TRANSFER? And, when we transfer back TO CHECKING FROM SAVINGS is that also a TRANSFER? And when the actual transaction appears from our payment we make...is that categorized as an EXPENSE? Additionally, do I understand correctly that, unfortuntely, these transfers will not be reflected in our BUDGET and therefore our budget will think we still have extra money to put somewhere? Thank you so much for your help.
Sorry - I thought I replied to this right away, but just realized I got the comment mixed up with another question on a different video.
Here's the correct answer for this question. You got it right. Moving money from checking to savings for your sinking funds will be a transfer. When you transfer money from your savings into your checking that will also be a transfer. When you pay for something (like your tax bill) that transaction gets categorized as an expense.
If you're looking at the cash flow, it will show you have extra money to save (because it's not counting the transfers).
When you look at your sinking funds, the amount remaining should be how much you have in your savings account.
Video Editing is too low 👎👎👎👎
Edit the video in a good style.
Add nice b-roll animation when you are speaking or explaining something. This will increase visualization.
Put proper subtitles, effects, transitions, and colors in the video.
Insert the B-Roll (footage and animation) very well because it is absolutely low in your video.
Do all this and then see how the video doesn't turn out good.
I Agree 👍
You guys are saying this today, right?
I have been saying this for several weeks now that you should improve your video editing.
Video editing score = 200/100
😊🤣🤣🤣🤣🤩🤣🙃🙃🥳🥳
You are not alone. I would love to have better video editing. I've actually been looking into it, here are my issues:
*cheap video editors are about $80/video (and I don't like most of their editing). Editors I like cost more like $200/video. I
* I am providing content for free here on TH-cam. I do this to help people and it takes a lot of time.
*I do make money off of adds....keep in mind I have made exactly $0.65 on this specific video. I might make $5-$10 over its lifetime.
* Because of the financial nature of most of my videos I have personal information I don't want others to see included on most b-roll. I have to edit my screenshots/recordings before sending them to the editor. It often takes me longer to cover up confidential information than it does to do basic editing.
Anyway - I'd love to level up the editing, transitions, etc...and I plan to in time, but right now it's not the most important thing to me.
@@BrittanyFlammer I don't give a crap about titles and transitions. You aren't teaching video editing. You are teaching finance. You give great information for FREE. Keep doing what you are doing and save your money for a vacation.
Hi. So is the money put into the Sinking fund monthly considered a Monthly Expense? The reason I ask is because I trying to determine my monthly average spend. Thanks.
Yes - if you do it the way I have it here, it would be considered an expense. This would mean your savings rate on the cash flow is not accurate.
You could put it in your goals section so your savings rate is more accurate.
I personally prefer it to be considered an expense, so it's more accurate of how much money I actually have left to spend, but it's totally a personal preference.
@@BrittanyFlammer Hi. Thanks. So I will count monthly transfer to my sinking fund as an expense but, when I actually spend these funds on annual payments or subscription, I would Mark them as transfers to avoid duplicate expense transactions. Correct?
@@bigchaloopa Sorry - I didn't see this reply until now. If you're creating a sinking fund I would turn the rollover feature on. When you actually transfer money from your checking into your sinking fund I would hide that transaction (or count it as a transfer). Then, when you actually spend money from the fund you can categorize it from that category. Does that make sense?
@@BrittanyFlammer Hi. My wife and I are retired and just started MM about 2 months ago. Thank you very much for these videos. However, I'm still confused on your explanation on Sinking Funds. We save monthly to pay Estimated Income Taxes each quarter, Property Taxes every 6 months, and save for Vacation each month. Those would be our three monthly Sinking Fund categories - Income Taxes, Property Taxes, and Vacation. So, when we transfer TO SAVINGS FROM CHECKING is that catgorized as...TRANSFER? And, when we transfer back TO CHECKING FROM SAVINGS is that also a Transfer? And when the actual transaction appears from our payment we maken...is that EXPENSES?
@@TheBabypod Sorry I never responded. Reply's to comments tend to get hidden and I don't see them.
You have it right if you're using these as sinking funds and have the rollover feature turned on. When you transfer the money from checking to a savings (or vice versa) it would be considered transfers, not expenses. When you actually pay the bill for your taxes, vacation, etc... that would be categorized as an expense. I hope that makes sense.